Dale Underwriting Partners and K2 Insurance Services just picked up Lloyd’s “in principle” approval to build a new Special Purpose Arrangement, Syndicate 1954. The SPA will sit inside Dale Managing Agency Limited and run alongside Syndicate 1729.
Early projections show about £80 mn in gross written premium for 2026, with Dale keeping 40%. K2 puts up part of the underwriting capital, and that aligned capital structure makes the partnership look sturdier than most start up SPAs we’ve seen lately.
The portfolio pulls from Property, Specialty and Casualty programmes. K2’s analytics engine shaped the underwriting blueprint, while Dale applied its own standards and risk appetite to keep the mix tight.
Dale said K2 accounts for 20% of underwriting capital, and more than half the gross portfolio is capitalised by funds connected directly to the two partners. That alignment signals a long horizon rather than a quick grab for Lloyd’s capacity.
Dale said the SPA introduces entirely incremental premium to the market, including products Lloyd’s hasn’t seen before.
With Lloyd’s global licensing, the setup lets both firms broaden distribution and experiment in key territories that demand specialty solutions.
This part matters because the market keeps rewarding MGAs and syndicates that pair technical underwriting with smart global reach.
Ian Bridge, Dale’s Active Underwriter, called the SPA a natural step in the relationship with K2. He said it shows their underwriting first mindset and gives them deeper reach into lines where they already have proven expertise. From the outside, it looks like a scale play grounded in discipline rather than chasing volume for the sake of optics.
The launch of this SPA in partnership with K2 reflects a shared commitment to underwriting discipline and long-term portfolio development
Ian Bridge, Active Underwriter, Dale Underwriting Partners
CEO Duncan Dale said the SPA matches the firm’s ambition to build partnerships that combine underwriting discipline with aligned, efficient capital. He pointed to structuring strength and capital management as central to future growth. That’s been Dale’s message for a while, but here the execution feels tighter.
Lloyd’s offers the right platform to deploy K2’s own risk capital next to its underwriting. He framed it as a way to strengthen alignment with both long standing and newer capacity partners, all while pushing for sustainable performance driven growth.
K2 Group CEO Bob Kimmel said the partnership marks a major strategic step in K2’s evolution. He called Lloyd’s approval the strongest validation of their underwriting quality and governance. His view is that Syndicate 1954 reinforces K2’s plan to build a purpose built, entrepreneurial platform delivering value to every stakeholder involved.
Syndicate 1954 underscores our continued dedication to building an entrepreneurial, purpose-built platform that delivers exceptional value to all stakeholders
Bob Kimmel, K2 Group CEO
According to our analysts, the setup hits the sweet spot Lloyd’s has been courting: disciplined underwriting, aligned capital, and fresh premium entering the market.
For an environment heading into competitive 2026 renewals, that combination may prove unusually powerful.
